Schieffelin & Co., Clicquot, Inc., and Millennium Import LLC United as Single Sales & Marketing Company for Moët Hennessy’s Wines and Spirits Brands

NEW YORK, February 28, 2005 – In order to maximize the potential of its super-premium wine and spirits brands in the U.S., Moët Hennessy – the wine and spirits group of LVMH Moët Hennessy Louis Vuitton – today announced the creation of Moët Hennessy USA to combine the expertise, brand portfolios, sales and marketing networks of Schieffelin & Co., Clicquot, Inc., and Millennium Import LLC.

Effective March 1, 2005, Moët Hennessy USA will be the only sales and marketing company in the U.S. representing the group’s internationally renowned portfolio of brands, including: Hennessy cognac; Moet & Chandon, Dom Perignon, Krug, Veuve Clicquot and Ruinart champagnes; Belvedere and Chopin vodkas; Green Point, Terrazas de los Andes, Cape Mentelle, Cloudy Bay and Newton Vineyard, Domaine Chandon California, sparkling and still wines. Moët Hennessy USA will also continue to sell and market certain brands not owned by the Group, including Grand Marnier/Navan, and Casa Lapostolle, as well as the Clicquot, Inc. agency wines.

This significant development builds upon several strategic initiatives Moët Hennessy has undertaken to strengthen its global distribution network. For example, from 2002 to 2004, Moët Hennessy teamed up with Diageo to implement their Next Generation Growth (NGG) strategy, realigning the distribution of their brands in the US.

Headquartered in New York City, Moët Hennessy USA will employ approximately 220 people dedicated to the Moët Hennessy luxury wines and spirits brand portfolio.

The new company will be led by John Esposito as President and CEO of Moët Hennessy USA. Mr. Esposito was previously President and CEO of Schieffelin & Co.

Mrs Mireille Guiliano remains President and CEO of Clicquot Inc.

Mr Edward J. Phillips remains Chairman of Millennium Import LLC.

Mr Stephen Gill remains President and becomes CEO of the Millennium Maison.

Christophe Navarre, President of Moët Hennessy and Executive Committee Member of LVMH Moët Hennessy Louis Vuitton, said, “By combining our three sales and marketing companies in the U.S., Moët Hennessy USA will be able to maximize the potential of our luxury brand portfolio of wines and spirits, which generates over $1 billion in revenues annually.”

Under John Esposito’s leadership, Moët Hennessy USA will focus on driving the growth of our super-premium brands by advancing our value strategy, rather than focusing solely on volume.

Mr. Esposito added, “By maximizing efficiencies and capitalizing on the best practices of each company, Moët Hennessy USA will be well positioned to lead the rapidly growing super-premium segment of the U.S. wine and spirits business.”

“We remain committed to our strong alliance with Diageo through our NGG distributors and we will be reaching out to our customers to let them know how today’s strategic consolidation will enable us to better meet their needs.”